SECURITIES (Tables)

3 Months Ended

Mar. 31, 2024

SECURITIES [Abstract]

Amortized Cost and Fair Value of Securities with Gross Unrealized Gains and Losses

The amortized cost, related gross unrealized gains and losses, allowance for credit losses, and estimated fair value of securities available for sale at the dates indicated follows (dollars in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
March 31, 2024
Available for sale:
State and municipal	$	201,459	$	1	$	(23,812	)	$	—	$	177,648
Residential mortgage-backed securities		344,258		—		(59,093	)		—		285,165
Commercial mortgage-backed securities		47,576		—		(6,722	)		—		40,854
Commercial collateralized mortgage obligations		69,486		—		(414	)		—		69,072
Asset-backed and other amortizing securities		17,990		—		(1,661	)		—		16,329
Other securities		12,000		—		(1,199	)		—		10,801
	$	692,769	$	1	$	(92,901	)	$	—	$	599,869

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Fair Value
December 31, 2023
Available for sale:
State and municipal	$	202,814	$	2	$	(22,241	)	$	—	$	180,575
Residential mortgage-backed securities		351,251		—		(50,547	)		—		300,704
Commercial mortgage-backed securities		47,898		—		(6,150	)		—		41,748
Commercial collateralized mortgage obligations		72,391		—		(461	)		—		71,930
Asset-backed and other amortizing securities		18,476		—		(1,436	)		—		17,040
Other securities		12,000		—		(1,235	)		—		10,765
	$	704,830	$	2	$	(82,070	)	$	—	$	622,762

Amortized Cost and Fair Value of Securities by Contractual Maturity

The amortized cost and estimated fair value of securities at March 31, 2024 are presented below by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Declining-balance securities are shown separately since they are not due at a single maturity date.

	Available for Sale
	Amortized Cost		Fair Value
Within 1 year	$	409	$	403
After 1 year through 5 years		6,380		6,198
After 5 years through 10 years		16,170		14,940
After 10 years		190,500		166,908
Declining-balance securities		479,310		411,420
	$	692,769	$	599,869

Securities with Unrealized Losses Segregated by the Period in a Loss Position

The following table segregates securities with unrealized losses at the periods indicated, by the duration they have been in a loss position for which an allowance for credit losses has not been recorded (dollars in thousands):

	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
March 31, 2024
State and municipal	$	787	$	1	$	175,575	$	23,811	$	176,362	$	23,812
Residential mortgage-backed securities		9		—		285,156		59,093		285,165		59,093
Commercial mortgage-backed securities		—		—		40,854		6,722		40,854		6,722
Commercial collateralized mortgage obligations		—		—		69,072		414		69,072		414
Asset-backed and other amortizing securities		—		—		16,328		1,661		16,328		1,661
Other securities		3,290		210		7,511		989		10,801		1,199
	$	4,086	$	211	$	594,496	$	92,690	$	598,582	$	92,901
December 31, 2023
State and municipal	$	207	$	—	$	177,908	$	22,241	$	178,115	$	22,241
Residential mortgage-backed securities		9		—		300,695		50,547		300,704		50,547
Commercial mortgage-backed securities		—		—		41,748		6,150		41,748		6,150
Commercial collateralized mortgage obligations		—		—		71,930		461		71,930		461
Asset-backed and other amortizing securities		—		—		17,040		1,436		17,040		1,436
Other securities		3,286		214		7,479		1,021		10,765		1,235
	$	3,502	$	214	$	616,800	$	81,856	$	620,302	$	82,070